Meg Toland of Boston AMA Interviews Eduardo Crespo on Succeeding in Diverse Marketplaces

May 7, 2009 - PRLog -- Meg Toland, of the AMA Boston, interviews Eduardo Crespo, regarding the importance of marketing to diverse and multi-cultural markets and how doing so drives growth and profits.

AMA Interviewer: Meg Toland- American Marketing Association
Interviewee: Eduardo Crespo of Hispanic Marketing Solutions

Q- How did you come to do what you do?

A- I started my communications career in radio broadcasting as an entrepreneur who created the first Spanish language commercial shows in the north of Boston market. I felt a great need to connect Hispanics in their own language.

Q-What sparked your interest in helping companies understand, reach, and service the Hispanic/multicultural markets?

A- A business opportunity. The incredible growth of these market segments and the lack of affinity or understanding of the trend in increasing purchasing power while the general market declines.

Q-What goes into the development of culturally targeted marketing strategies? In other words, how do you develop brand awareness among Hispanics?

A- From the business perspective, a top-level commitment is needed by allocating sufficient financial and human resources to incorporate Hispanics as part of the corporate marketing strategy and not as an after thought.

From a biz development perspective, knowing the feelings, likes, dislikes, habits, attitudes, language preference, level of acculturation, media usage and above all, following due diligence processes that are already in place are all tactics of a culturally targeted marketing plan.

Q-What content seems to resonate the best with Hispanic populations? In other words, how do you create campaigns that are relevant and compelling to Hispanic consumers?

A- Depending on the above factors, Hispanics are interested about their homeland (if they are not so acculturated) and also what is happening with their daily lives. There is a whole world of competent agencies and practitioners that can help brands achieve a high degree of success. A long-term commitment to this effort is needed.

Q-The Hispanic population is the largest minority population in the U.S. Hispanic purchasing power has increased dramatically over the past several years, creating a potentially lucrative opportunity for businesses. How do you think companies that are not currently targeting the Hispanic market will fare in the future?

A- As with any other important and growing market segment, those that fail to change their mindset and strategic plans will see their market share dwindle while other proactive companies will reap the rewards. The 2010 Census will be a real "shocker" for those that still seem to think that "English only" and "business as usual" is the way to go.

Q-Do you work with a wide variety of businesses?

A- Healthcare, education, telecommunications, utilities, colleges, healthcare, non-profits.

Q-With which kinds of companies do you work most often?

A- Healthcare.

Q-What services does your company offer?

A- Principally marketing, advertising, public relations and diversity services.

Q-What makes Hispanic Market Solutions different from its competitors?

A- Our holistic "URS" (Understand, Reach and Service) methodology and how we approach not only the entry into the market but also the creation of effective, sustainable strategies that produce measurable results. Our clients are our working partners and we provide proven expertise with a cadre of highly competent network of associates.

Q-Hispanics hail from 22 countries. Do the sub-groups under the Hispanic umbrella have different consumer patterns due to regional and dialectical differences?

A- Differences and similarities are part of the communications dilemma in reaching any market segment. Ongoing qualitative market research will provide the pulse of what folks need, think, feel, wish from a brand; and yes, there are various consumer patterns. While there are differences, there are many commonalities that unite Latinos such as language, religion, history, soccer or baseball, food, traditional family values, etc.

Q-In your experience, which types of media are most effective at reaching the Hispanic market?

A- There are now plenty of non media-paid studies that provide ample data about media usage in the US Hispanic market. TV is by far the #1 media preference, followed by radio. Internet is also growing significantly, especially within the younger population. Spanish language newspapers are faring much better than in the general market because for some consumers it is the only way to stay connected with their local communities.

Q-Do you believe that Hispanics should be addressed mostly in English, Spanish or both?

A- It could a combination of all three options. This depends on many factors, including the product or service category, what consumer sub-segments the brand will be reaching, level of acculturation, and trigger points in making a purchase decision. Currently I see a trend to use both Spanish and English independent of one another to make sure the brand reaches the family members that may be influential in purchasing decisions. In print we see lots of bilingual messaging.

Q-What is the biggest business challenge you have faced? How did you address it?

A- The fact that most top decision makers still do not see the Latino market segment as viable. Corporations rarely include Latinos in their Corporate Boards and the representation on executive positions is dismal. I am still longing for the acceptance of Hispanics within US society, as contributors to the economic well being of our country and not as freeloaders or transient people.

Q-You immigrated to the U.S. from Ecuador at the age of 16. Why did you choose to come to the U.S.?

A- Truthfully, I did not want to leave my family and friends behind. It was a family decision, and as minor, I had to abide.

Q-How is the recession affecting Hispanic's consumer behavior?

A- Just as much and possibly deeper than the middle class.

Q-In which industries is competition for Hispanic's attention particularly acute? Why?

A- Money transfer, telecommunications and entertainment are perfect examples of the importance of this segment. Hispanics tend to wire significant amounts of money abroad, over-index in using long distance phone services and subscribe to premium cable services that include Spanish language programming as part of their service lineup.

Q-What can we expect in 2009 from Hispanic Market Solutions?

A- We will continue sharing our marketing insights and expertise to current and future leaders that need to become more inclusive and savvy about the changing demographics and how to anticipate trends. Bigger and better public speaking engagements and possibly authoring a book could also be included in my agenda.

Q-How do you see your marketing strategies evolving in the future?

A- We want to evolve into a Pan-American organization through affiliations and associations with progressive, innovative companies in the region. Online, mobile and more futuristic marketing vehicles will need to be included in our prospective toolbox.


About Eduardo Crespo

Eduardo Crespo, CEO, Hispanic Market Solutions
Eduardo Crespo is considered a pioneer in Spanish-language broadcast media, Hispanic marketing and ethnic communications. With a 20-year track record, he has provided best practice ethnic marketing and advertising services for corporate brands interested in reaching the Massachusetts, New England, and U.S. Hispanic markets.

About the American Marketing Association

The American Marketing Association, one of the largest professional associations for marketers, has 38,000 members worldwide. For over six decades, the AMA has been the leading source for information, knowledge sharing and development in the profession.

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